http://www.washingtonpost.com/wp-dyn/content/article/2009/05/11/AR2009051101081.html
In the article above from the Washington Post and the Associated Press, Budget Director Peter Orszag stated that the US "deficits are driven in large part by the economic crisis inherited by the previous administration". As a result the government will have to borrow nearly 50 cents for every dollar spent during this fiscal year! A major reason we are in this economic situation is due to people borrowing more money than they could afford to pay back. the government is committing the same act now. The current Federal deficit exceeds $1.8 TRILLION. This amount is 4 times higher than last years deficit and continues to grow. At the same time Obama says he will cut the deficit in half in the next 10 years. There are only two reasons for Obama's pledge to cut the deficit by this amount: 1) he is too dim-witted to realize it is impossible to half the deficit with his spending 2) he is a liar with empty promises to the American people. I makes me sick to see his out of control spending and it is time the America people see what he and his cohorts are doing to our Country!
At least the USA is still #1 at something!
ReplyDeleteSomeone remind me what comes after trillion. Im not sure we learned to count that high years ago lol
ReplyDeleteI'm sorry you are just wrong in your opinion. Economics 101 please.
ReplyDeleteIf you don't understand the fundamental fact that you spend your way out of recession and pay down the debt during boom times, then I don't know what to tell you. Like 2:45 said: Economics 101.
ReplyDeleteamazing ain't it?
ReplyDeletethe libs moaned and groaned, the MSM went completely crazy complaining about how much money Bush was spending.
Now this socialist fool [hussein] some call their president spent more money in his first 2 months in office than every president in history collectively, and now all the libs do now is call the tea party participants racist radicals insinuating approval of the most spending of any country ever in the history of the world. Now we have a debt of almost 2 trillion and spending at 12% of the GDP, Bush was spending around 2.5% which is below average yet he was bashed daily.
1 word; hypocrites
My household is in a recession due to me getting layed off from work.
ReplyDeleteSo I'm going to run up my credit cards as fast as I can and write checks to pay for them.
Economics 101?
2:45....you an idiot!
Anonymous said...
ReplyDeleteMy household is in a recession due to me getting layed off from work.
So I'm going to run up my credit cards as fast as I can and write checks to pay for them.
Economics 101?
2:45....you an idiot!
3:37 PM
that's exactly what the white house is doing and 'thinking' it's going to work.... they know better, it's just their way to push the liberal socialist agenda.
There are some real geniuses posting here. Why not head to the White House and use that brain power to solve the economic crisis. Truth is Obama is doing everything he can to get us out of this mess. All you nay sayers should put up a plan of your own to the public or shut up. Nuf said
ReplyDelete2:45 and 4:48 Are you serious? Where did you idiots take Econ 101 at? A public school? You save your money during boom times and use your savings in hard times.
ReplyDelete2:45 & 2:48
ReplyDeleteYour right. We need to spend more. Lets take money we don't have and spend it on things we don't need. People like you are the ones I see in bankruptcy.
Just a question for our liberal friends would you please give us one example in US History or world history when excessive government spending has ever gotten an economy out of an recession?Obamnonomics will only bring inflation and true economic hardship for all americans.
ReplyDeleteWe're currently borrowing 48 cents for every dollar we spend. We'll never get out of this. Not in our lifetime.
ReplyDelete6:32 "Just a question for our liberal friends would you please give us one example in US History or world history when excessive government spending has ever gotten an economy out of an recession?"
ReplyDeleteWWII
Impeach our incompetent President!!!
ReplyDeleteHey 6:32 you are right, but Obama is trying what FDR tried and it failed. FDR in 1937 had 15.1% unemployment and the Dow was at 174 after five years of massive goverment spending the unemployment was up to 17.4% and the Dow was down to 121 in 1941. The genius we have in the White House is copying FDR unsuccessful economic plan but real scary part is he is trying this insanity on a much more out of control scale!
ReplyDeleteThis post is a buffoon-o-rama. Economics ain't a strong point for the folks posting here.
ReplyDelete